Avidity Biosciences, Inc. (NASDAQ:RNA) Given Consensus Rating of “Buy” by Analysts

Avidity Biosciences, Inc. (NASDAQ:RNA) has been assigned an average rating of “Buy” from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $60.75.

A number of brokerages have weighed in on RNA. Cantor Fitzgerald reissued an “overweight” rating and issued a $96.00 price target on shares of Avidity Biosciences in a report on Monday, September 16th. Chardan Capital raised their target price on shares of Avidity Biosciences from $45.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Evercore ISI dropped their price target on Avidity Biosciences from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Monday, August 26th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Avidity Biosciences in a research note on Tuesday, August 13th. Finally, Barclays initiated coverage on Avidity Biosciences in a research report on Wednesday, August 28th. They set an “overweight” rating and a $63.00 target price on the stock.

Avidity Biosciences Trading Up 8.5 %

Shares of NASDAQ:RNA opened at $45.93 on Tuesday. The company has a 50 day moving average of $43.62 and a 200-day moving average of $35.20. The firm has a market cap of $4.39 billion, a P/E ratio of -15.57 and a beta of 0.89. Avidity Biosciences has a twelve month low of $4.82 and a twelve month high of $48.80.

Avidity Biosciences (NASDAQ:RNA) last released its earnings results on Friday, August 9th. The biotechnology company reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.76) by $0.11. Avidity Biosciences had a negative return on equity of 32.89% and a negative net margin of 2,381.82%. The firm had revenue of $2.05 million during the quarter, compared to the consensus estimate of $7.09 million. Equities research analysts forecast that Avidity Biosciences will post -3.01 EPS for the current year.

Insider Buying and Selling at Avidity Biosciences

In related news, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total value of $1,118,040.00. Following the completion of the sale, the chief executive officer now directly owns 205,043 shares of the company’s stock, valued at approximately $8,187,366.99. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Arthur A. Levin sold 5,000 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $45.01, for a total value of $225,050.00. Following the transaction, the director now directly owns 14,830 shares of the company’s stock, valued at $667,498.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sarah Boyce sold 28,000 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $39.93, for a total value of $1,118,040.00. Following the sale, the chief executive officer now owns 205,043 shares of the company’s stock, valued at $8,187,366.99. The disclosure for this sale can be found here. Insiders have sold a total of 128,543 shares of company stock valued at $5,543,382 in the last three months. 3.68% of the stock is currently owned by company insiders.

Institutional Trading of Avidity Biosciences

A number of institutional investors have recently added to or reduced their stakes in RNA. Charles Schwab Investment Management Inc. raised its holdings in shares of Avidity Biosciences by 6.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 545,771 shares of the biotechnology company’s stock valued at $4,939,000 after purchasing an additional 30,674 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in Avidity Biosciences by 456.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,308 shares of the biotechnology company’s stock valued at $30,000 after buying an additional 2,714 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of Avidity Biosciences in the fourth quarter worth about $211,000. Steward Partners Investment Advisory LLC boosted its stake in shares of Avidity Biosciences by 202.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 59,000 shares of the biotechnology company’s stock worth $534,000 after acquiring an additional 39,500 shares in the last quarter. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Avidity Biosciences during the 4th quarter worth about $592,000.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.